Millions stolen in ATM fraud

Two executives of an automated teller machine dispensing company are currently waiting to be sentenced in a case of fraud perpetrated against Connecticut’s Domestic Bank, which allowed them to siphon around $4.8 millions from the bank’s ATMs.

For the last ten years, their company – New England Cash Dispensing Systems (NECDS) – was a partner the Domestic Bank and helped them stock a network of ATMs throughout the northeastern U.S. The money that went into these machines was coming both from the bank and from the NECDS, but the executives thought of a way to keep their money for themselves.

The ATMs that were supposed to be filled with the company’s money were actually filled with the bank’s money, and they counterfeited the accounting to keep the theft hidden for three years.

PC World reports that general manager John DeMilo and the company’s CEO Joseph Sarlo both pleaded guilty, and are both set to be sentenced in January. DeMilo is looking at a maximum sentence of 30 years in prison.